Custom Search

Saturday, July 19, 2008

Working with Your Financial Adviser

From The Hoss's Mouth


Working with Your Financial Adviser

financial adviserYou have done all the necessary leg work, conducted the interviews and have selected a financial adviser. The race for financial freedom is on track but far from over. In fact, you have just entered the starting gate. You and your financial adviser must communicate on a frequent basis. Just like the ongoing communication between jockey and horse, you must let each other know if the pace is just right, or you need to proceed a little slower or a little faster.

Before leaving the starting gate, ensure your financial adviser has a complete and thorough understanding of your financial goals, your current financial situation and your tolerance for risk. This will enable him/her to assist you in producing a strategy for your financial future. Your financial adviser should be providing you with specific and clear recommendations, detail the reasons for the recommendations, and identify the strong and weak points and risks involved.

A word of caution: Do not expect your financial adviser to perform miracles. A quarter horse cannot win a route race, nor can a financial adviser foresee how the markets will perform or always select profitable investments. In other words, do not weigh your financial adviser down with unrealistic expectations.

Remember, this is your money being invested. It is imperative that you stay informed. You and your financial adviser should have a clear understanding of how often you should receive progress reports and statements, and develop a schedule for regular meetings to review your plan. He/she should also know how quickly you expect e-mails and phone calls to be answered. Review all statements when you get them. Make sure the information contained therein is consistent with your agreed upon goals and strategies. If they are not, contact your financial adviser and arrange for a meeting.

It would be to your benefit to stay informed on financial matters by reading newspapers, books
magazines, or blogs such as this one.
If you have time, enroll in a few courses. If you see something of interest, contact your financial adviser for his/her opinion.

finance

Last but not least, keep your financial adviser updated with any change(s) in your personal or financial situation. A work promotion, a new child, and a change in marital status are a few examples that could impact your financial situation.

That's enough for today. Time to trot back to the barn.

Stay on track,

The Hoss

Previous Post: Choosing A Financial Adviser

Next Hoss Cents Money Magazine Post: Types of Investments

0 comments:

Post a Comment

Stock Ticker

Disclaimer

The Hoss is not a financial adviser. This blog is a reflection of his personal opinion, experience and financial choices. For financial assistance, please consult a licensed financial services professional.

The contents of http://free-financial-money-magazine.blogspot.com are provided for informational and entertainment purposes only, and should not be construed as advice. This material is not intended to provide, and should not be construed as providing individual financial, investment, tax, legal or accounting advice.

While the information shared on this website is believed to be accurate and reliable, the owners/operators of this website specifically disclaim all warranties, express, implied or statutory, regarding the accuracy, timeliness, and/or completeness of the information contained herein. Individuals leaving comments on this site are solely responsible and liable for the contents of their comments. Because this website is intended to provide general information only, you should discuss your specific needs with a qualified licensed financial services professional.

Links to other websites are for convenience only, and are independent from http://free-financial-money-magazine.blogspot.com. No liability is assumed for any inaccuracies in the information or for the content of any linked websites. No endorsement or approval of any other products, services or information is expressed or implied by any information, material or content referred to or included on, or linked from or to this website. No liability is assumed for incompatibility, non-suitability, viruses or other destructive/disruptive components on or from such websites.